In September$2008,$ the IRS changed tax laws to allow banks to utilize the tax loss carryforwards of banks they acquire to shield up to$100\%$ of their future income from taxes$($prior law restricted the ability of acquirers to use these$$ credits$).$ Suppose Fargo Bank acquired Covia Bank and with it acquired $$$$73\mathrm{.}8$ billion in tax loss carryforwards. If Fargo Bank was expected to generate taxable income of $$$$8$ billion per year in the$$ future, and its tax rate was $35\%,$ what was the present value of these acquired tax loss carryforwards given a cost of capital of $7\%?$ How would the present value change under current law which restricts the amount of the deduction to $80\%$ of$$ pre$-$tax income?